March 11, 2022 · less than 3 min read
After a crippling pandemic period, jet fuel prices are through the roof – meaning more woes for airlines and passengers.
Another L for airlines
The airline industry was one of the worst-hit sectors during the pandemic. With air travel brought to a near standstill, pilots and workers in short supply, and stocks on the floor, losses were inevitable – and they hit the industry like a stream train.
But things had started to look up. Some estimates predicted air travel could recover 84% of 2019’s figure in early Jan, and the thought of hopping on a plane to get some sun and sand wasn’t beyond the realms of possibility for many of us. But then, of course… war. With Russia’s invasion of Ukraine, and sanctions being slapped on the Putin regime by the dozen, jet fuel prices have soared.
What this means for the industry – and for you
Let’s get down to business. Jet fuel costs jumped 27.5% in the last week, making them around 96% more expensive on last year, according to data from the International Air Transport Association (IATA). And with higher costs for airlines will come higher prices for flying. In fact, it’s predicted that airfares are expected to rise 7% each month until June. Great.
The Ukraine invasion has had a knock-on effect on air travel in Europe. Searches for flights on the continent are down 9% on what had been forecasted – although, as you can imagine, flights in some countries are more frequent than others. So despite aviation’s hopes of a better 2022, it seems turbulence is still the order of business.
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